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– Marco Valli, UniCredit SpA (based on Bloomberg)
Pair's Outlook
The common European currency depreciated on Monday morning against the US Dollar, as the currency exchange rate encountered resistance put up by the 20-day simple moving average at 1.10. Previously, on Friday, after experiencing a week of almost no volatility, the pair surged, as it jumped from 1.0894 to 1.0982 during the day's trading session. As the rate has encountered resistance, it is most likely to retreat to the weekly pivot point at 1.0942, where it is most likely to find support.
Traders' Sentiment
Traders remain bullish on the pair, as 57% of open positions remain long. However, trader set up pending commands are short, as 59% of set up orders are to sell.
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